HC dismisses RBI s plea in Tata-Docomo case

New Delhi April 28 (IANS) The Delhi High Court on Friday dismissed the Reserve Bank of India s application opposing the enforcement of an arbitral award in the Tata-NTT Docomo case.

Justice S. Muralidhar cleared the way for enforcing the $1.17 billion arbitral award by the London Court of International Arbitration to settle a two-year-old dispute between Tata and Docomo.

The arbitral award is declared as enforceable in India and shall operates as a decree of this court.

The RBI through its intervention application opposed the award as well as the settlement between Tata and Docomo over the Japanese company s exit from the joint venture.

It had also opposed the pact arguing that it amounted to a transfer of shares and was illegal.

--IANS
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